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| *Loan,banking and credit>>>bank account |
Ive just turned 18 and I want to upgrade my bank account...? |
but before I go in and ask those 'dumb' questions, I want to find out as much as possible first. I was 18 on Sunday, and im going on holiday in September, I dont want to have to take cash so I want a card that I can use in Majorca and other places that I may go in the future. Basically, if i upgrade my account (Abbey) what will I get/what charges will apply, Can I get a overdraft etc? Your 鈥渄umb鈥?questions aren鈥檛 dumb at all. Here鈥檚 old saying #1: "The only stupid question is the question you don't ask." Here鈥檚 old saying #2: "So, you thought --- and think --- education is expensive? Just wait until you try ignorance." DON'T be afraid to ask questions - and continue asking questions until you get understandable answers to your questions. This requires persistence and tenacity. Will some folks think you're a pain in the neck [and another place]? Absolutely. Don't settle for "fluff" answers or "smoke and mirrors" answers. Before you visit the bank, sit down and make a list of all thosee questions you need and want answers. You鈥檒l make quite an impression on the person working with you at the bank. Using a little story, here鈥檚 how to build your credit rating: Perhaps you could apply for and use a debit card. At least its a start. Perhaps the following information may be of some help to you. BUT PLEASE read on. Lenders want to see - through a credit report or credit reports - how well [or not-so-well] the borrower manages and budgets his/her/their money and income. You are in the process of establishing your "track record". The lender - every reputable lender - wants EVERY borrower to have "a track record". A very good friend of mine went to a bank and asked to borrow $50,000.00 The credit report was downloaded from a credit bureau. My friend had no credit. When the various bills were received in the mail, my friend preferred paying for everything in full. RESULT: Instead of getting approved to borrow $50,000.00, my friend was approved for and could borrow only $1,500. Due to the lack of "a track record", the bank officer informed my friend the best way to be approved for a larger amount was to make monthly payments for just one (1) year. THEN pay off that small loan and apply for a larger amount. Its easy, when someone informs another of what the lender REALLY wants: the lender wants that interest. The lender wants to see the borrower's track record. Thank you for asking your question. I enjoyed taking the time to answer your question. You did a great job - not only for your information, but for every other person interested in reading my answer. I wish you well! VTY, Ron B. Source(s): The fact my good friend properly communicated with me. "The University of Hard Knocks" its possible and they will tell you to take cash or travellers checks because if u only have ur card then u will incur charges and what if u lose ur card ?????? u will be able to access no money Go to your bank and tell them your situation and they will advise you and maybe give you what you will need. each bank has different options for its customers. go to your bank and ask those "dumb" questions...that's what they are there for. more then likely they will suggest travelers checks or something like that. you used the word holiday instead of vacation so I'm guessing you're not stateside, if you were then I'd suggest American Express travelers checks as they have a replacement policy if stolen. I'm sure there is some equal where you are. have fun! MasterCard, Visa, And AMEX are all commonly accepted in Majorca, and most places in Europe or US. Best thing to do is to open a saving account first, and then open a checking/debit account, with a MasterCard or Visa to withdraw funds. That way you can shop directly with the card at any places that takes MasterCard or Visa, and can also withdraw cash from any ATM (with only paying an ATM fee instead of a high interest cash advance fee). Ask that your debit card be linked to your savings account for overdraft protection. If you wipe out all the money in your checking, you can either move more into your checking from your saving via ATM or at banks on line website, or just allow the overdraft to kick in so that they move it for you automatically. This is usually the type of account that has the least amount of fees. Your only fees should be your ATM charges (which some banks waive or reimburse) and a small monthly service fee (which some banks also waive if you keep a high enough balance and only use ATMs instead of going directly to the bank teller). |
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